Kodak files for Ch. 11 bankruptcy protection

Photography icon Eastman Kodak has filed for Chapter 11 bankruptcy protection after failing to find a buyer for more than a thousand digital imaging patents.

The company had hoped to sell them for several billion dollars.

Kodak though has secured $950 million in financing and plans to continue business as usual during the reorganization.

In recent years, the company has struggled to move forward in the world of digital photography and technology.

The Chapter 11 filing had been rumored for weeks. Multiple directors have resigned from Kodak's board and the company last week announced that it realigned and simplified its business structure in an effort to cut costs, create shareholder value and accelerate its long-drawn-out digital transformation.

Kodak did not announce job cuts as part of the bankruptcy protection filing. The company's payroll has plunged below 19,000 from 70,000 a decade ago.